Month: September 2016

Moving with Children? Here’s How to Quickly Assess Whether a Community Is Family Friendly

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Moving with Children? Here's How to Quickly Assess Whether a Community Is Family FriendlyIf you’re looking for a home that’s in a family-friendly neighborhood, there are a few key things you can look for to make sure your new house is a good fit for both you and your children.

Quality Public or Private Schools

Are there good public schools nearby? If so, do they span from kindergarten all the way to high school? Finding a home in an area with a great elementary school can be a good fit for several years, but if you’re looking for a home that will be convenient in the long-term it’s important to consider your proximity to both primary and secondary schools.

Parks And Other Relaxing Green Spaces

If you’re looking for a family-friendly neighborhood with free sources of entertainment, make sure that there is at least one park or playground nearby. Playgrounds can provide endless amusement for younger children, whereas a park can offer entertainment for kids of any age. Either way, have a park in the area will help boost the quality of your family’s leisure time.

Recreation Facilities And Other Amenities

For even more great leisure opportunities, check out the local recreational facilities. Public swimming pools, community centers, and recreation centers often offer a wide variety extracurricular activities and programs. These can be a great support when it comes to supplementing what your kids’ education with skills that are learned outside of school, and can encourage a healthy lifestyle as well.

Shopping & Services

If you’re looking for a convenient lifestyle, perhaps one of the most important factors to consider is what stores and businesses are located nearby. Is there a grocery store, doctor’s office, cafe, drug store, gas station, or other essential businesses nearby? Make your life easy! If there are stores nearby that meet your needs it will help boost your neighborhood satisfaction for years to come.

A Short (Or At Least Tolerable) Commute

If you commute to work, it is also valuable to consider how long of a drive it is between your place of employment and potential new home. The less time you have to spend on the road, the more time you’ll have with your family.

Neighbors You Will Enjoy Associating With

Finally, it is important to consider who else lives in the area. Is the neighborhood you’re looking at full of other young families? Are there other children for your kids to play with? Does it seem like a close-knit community?

Although you can’t predict how relationships will blossom in a new home, you’ll set yourself up for success if there are people with similar interests and lifestyles as you. If the people seem great, chances are the neighborhood is, too!

Ready to purchase the perfect home to raise your family in? Contact your trusted mortgage professional today.

3 Things You Need to Consider Before Buying That Fixer-Upper Home

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3 Things You Need to Consider Before Buying That Fixer-upper Home

What Will It Cost?

If you’re going into a home expecting a few renovations costs, a minor detail here or there may not add up to much. However, if you’re not interested in spending the big bucks on making changes, you’ll want to estimate an approximate amount of how much the renovations you don’t want to live without will amount to. By including all the necessary labor and materials, you’ll be able to determine if the price-point of your offer will be worth it. Keep in mind that if there are any serious issues with the house, it may not be worth your while to consider the purchase at all.

Will Renovations Increase The Value?

In the event that you’re buying a home for its investment value, it’s going to be particularly important to consider if the renovations required will actually increase its market value. While adding another bedroom or upgrading a bathroom may not add significantly to a home’s overall price, certain more inexpensive improvements like painting, refinishing and new siding can actually add a lot to the look (and worth) of your home.

How Much Are You Willing To Take On?

It’s easy to think that you’re prepared to do the dirty work when faced with a fixer-upper, but getting down to brass tacks may not be so simple when the time comes. Before taking on a home that needs a lot of renovation, consider how much you’re willing to do so that you can determine if fixing it up will even be an economic boon after all the labor that may go into it. If you’re not a DIY kind of person, you may want to avoid a house that has a long list of repairs.

A fixer-upper can be tempting for those who want to invest or save on a home purchase, but you’ll want to carefully consider if it will be a good choice when it comes to selling time. Contact o or more information.

What Types of Coverage Are Included in Standard Home Insurance Policies? Let’s Take a Look

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What Types of Coverage Are Included in Standard Home Insurance Policies? Let's Take a LookEvery insurance policy is different and can provide certain levels of protection tailored towards the needs of the policy holder. However, there are some standard types of coverage that are included in most basic home insurance policies.

Basic Levels Of Protection

Most homeowner insurance policies will include some basic levels of protection and coverage. The main dwelling will be protected from many forms of damage and the insurance company will pay to repair the damaged dwelling. This will extend to other smaller structures on the property, like sheds and separate garages, but the level of coverage will differ.

Damage is one important aspect of insurance, but protection for personal belongings is equally important and is also included in a standard home insurance policy. The monetary value of items in the home will be covered in case of damage or theft, so it’s a good idea to keep track of valuables. Every insurance company will have a different limit on the amount covered, so it’s wise to compare the value of belongings against the level of coverage.

The third aspect of home insurance policies is liability protection. This will cover any personal injuries that are incurred on the property by people who do not live there. It may seem silly, but having protection in case of a lawsuit can go a long way to saving a family financially as attorney fees and medical bills add up.

What Is Not Included?

Although each insurance company has different policies that cover different parts of the home, almost all of them do not include one important aspect in their policies. Damage caused by floods, earthquakes and war will not be included in most standard home insurance policies and may be important depending on the geography of the area.

Another important note is that flood damage does not just apply to natural flooding in the region, but will also include water damage from broken pipes or backed up sewage lines. It’s an important distinction because many first-time home owners assume this water damage will be covered under their basic insurance policy.

The right insurance policy can be difficult to figure out for first-time home owners. There are many questions to ask about the property to determine the right policy and it’s a good idea to consult your local mortgage professional to get their insight into what additions may be needed.

Credit Score Got You Concerned? Here’s 3 Ways to Get It Together

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Credit Rating ScoreIf you’re worried about your bad credit, you’ll want to do everything in your power to improve your rating as quickly as possible – especially if you are looking to purchase a home in the near future. Improving your credit rating can give you access to better interest rates on mortgages or even help you to get that job you’re after.

IMPORTANT! If you are currently involved in a home loan transaction, speak with your trusted mortgage lender before taking any action regarding your credit!

So how can you boost your FICO score quickly and easily? Here’s what you need to know.

Get Your Credit Report And Dispute Any Errors

Credit reporting agencies don’t always keep 100% perfect records, and there’s a good chance that your credit report contains at least one error. One recent FTC study found that 25% of consumers have an error on their credit report and that in 5% of cases, the errors were actually severe enough to impact the loan terms that borrowers were able to negotiate.

You can get your annual credit report from all three credit reporting agencies for free. Carefully read over it. If you see any errors – if your name is misspelled, if they have the wrong address on file, or if there are late or unpaid charges that you didn’t make you can dispute the items in question.

Try Maintaining A Lower Utilization Ratio

Your debt-to-credit ratio (also known as your utilization ratio) is one of the more important factors that determine your credit score. It measures the outstanding balance on your accounts in relation to the total credit available to you, which helps lenders assess your capacity to take on new debt.

If this number goes beyond 30 percent, you’ll start to see your credit score drop. Ideally, you should aim for a utilization ratio below 10 percent this will prove to your lender that you can responsibly pay for the credit you use.

Have Recurring Bills? Automate Your Payments

Automating your monthly payments can be a great way to boost your credit score. Whether it’s your mortgage, your credit card, or your student loan, a pre-authorized monthly payment will ensure that everything gets paid on time and give you a great credit history.

Your FICO score is a number that will determine your eligibility for mortgages and other loans. These are general tips to help with your credit score and improve the overall reporting of your credit.

Call your local mortgage professional to learn about what kind of a mortgage your credit score can afford you.

What’s Ahead For Mortgage Rates This Week – September 26, 2016

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Last week’s economic news was abundant with releases on home builder sentiment, housing starts, building permits, sales of previously owned homes. The Federal Open Market Committee of the Federal Reserve released its customary statement at the conclusion of its meeting; Fed Chair Janet Yellen also gave a press conference. Weekly readings on new jobless claims and mortgage rates were released as usual.

NAHB: Builder Sentiment Increases in September

Home builder confidence in housing market conditions increased in September according to the National Association of Home Builders Housing Market Index. Builder confidence rose five points to 65; analysts expected a reading of 60 based on August’s reading of 59. NAHB said that September’s reading was boosted by more “serious” buyers entering housing markets.

Components used to determine NAHB HMI readings were also higher. Builder confidence in current market conditions rose six points to 71; builder confidence in housing market conditions over the next six months rose by five points to 71. Builder confidence in buyer traffic in new housing developments rose four points to 48. Buyer traffic readings have not reached 50 since 2005; 50 is a neutral benchmark for NAHB HMI readings.

Home prices continue rising at a higher pace than wages; this is pressuring first-time and moderate income buyers out of the market. An ongoing shortage of available homes is pressing prices higher as demand increases. Analysts pay close attention to the NAHB HMI as building more new homes is a key factor in easing the shortage of homes for sale.

Housing Starts, Building Permits Lower

Commerce Department readings on housing starts and permits issued were lower for August Housing starts were lower in August at 1.142 million starts on a seasonally-adjusted annual pace. Analysts expected 1.182 million housing starts based on July’s reading of 1.212 million starts. Regional readings showed a dip in starts in the South. Severe flooding in Louisiana contributed to the lower reading for housing starts. August’s reading for housing starts was 5.80 percent lower than July’s reading and 0.90 percent lower than for July 2015.

Building permits issued were nearly flat in August; this was likely due to the prime building season winding down 1.139 million permits were issued as compared to 1.144 million permits issued in July. Single-family starts were six percent lower than for July and were 1.20 percent lower year-over-year.

Existing Home Sales Dip: High Demand, Low Supply Cited

Sales of pre-owned homes fell by 0.90 percent in August to a seasonally-adjusted annual rate of 5.33 million sales. Analysts expected a reading of 5.48 million sales; July’s reading for sales of pre-owned homes was 5.38 million sales.

Low inventory of available homes continues to impact housing markets as demand for homes increased and prices rose; the national average home price was $240,000 in August. Rising home prices continued to be driven by high demand and low supplies. These conditions also impacted first-time and moderate income home buyers who were pressured to keep up with rapidly rising home prices.

While mortgage rates remain relatively low, higher home prices and tight mortgage credit requirements remain obstacles for first-time buyers.

Mortgage Rates, Weekly Jobless Claims Lower

Freddie Mac reported lower mortgage rates last week. The average rate for a 30-year fixed rate mortgage fell by two basis points to 3.48 percent; the average rate for a15-year fixed rate mortgage fell on one basis point to 2.76 percent. The average rate for a 5/1 adjustable rate mortgage was lower by two basis points at 2.80 percent.

Analysts expected new jobless claims to remain flat at the prior week’s reading of 260,000 new claims, but 252,000 new claims were filed for the lowest reading since July. The four-week rolling average of new jobless claims fell by 22250 claims to 258,500. The four-week reading is considered a less volatile reading than week-to-week readings.

Federal Reserve: No Increase in Fed Rate

The Federal Open Market Committee said in its post-meeting statement that the target federal funds rate would not be raised. In a press conference given after the FOMC statement, Fed Chair Janet Yellen said that although the economy continued to improve, the Fed had concerns over the labor market and decided not to raise rates. Any increase in Federal Reserve rates triggers increases in consumer lending rates.

What’s Ahead

This week’s readings include Case-Shiller Home Price Indices, readings on new and pending home sales and weekly readings on mortgage rates and new jobless claims.

Selling Your Home This Autumn? Try Boosting Your Curb Appeal with These Inexpensive Upgrades

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Selling Your Home This Autumn? Try Boosting Your Curb Appeal with These Inexpensive UpgradesCurb appeal is the first impression that your home will have on potential buyers, so it’s important to make it a good one. Try these simple budget upgrades to give your home the “WOW” factor that buyers are looking for!

Crystal Clean

As simple as it sounds, it is extremely important to make sure that your house is nice and clean on the outside. This is overlooked by sellers more than you’d think as they become so focused on perfecting the inside of their home that they forget about the exterior!

Dirt streaks running down stucco or siding give the impression that your home isn’t well kept, and smudges on windows will prevent them from sparkling in the sun. Remember: you want your home to be their dream home. Spruce up the outside to impress buyers before they even set foot in the door.

Knock Knock

Another important design feature of your outer home is the front door as it is one of the only features of the exterior that buyers will be forced to look at up-close. A new door will not only look great from the curb, the details of its quality will inevitably be seen by anyone who enters the home. Make sure your door is in tip top shape before you start your showings!

Raise The Roof!

If your roof isn’t in good condition;or looks like it isn’t in good condition, then upgrading it is an absolute must. Most buyers are quickly turned off when they see a roof that’s in poor condition because it can be an expensive fix. It’s important that when buyers first see your home they don’t see more dollar signs than they expected.

Fantastic Furniture

Patio furniture is an easy and inexpensive way to differentiate your home from the rest! Add a pop of color to a neutral-colored house by placing vibrant chairs and planters on the front porch as featured pieces, or add a cute table and chairs to your lawn to show how useful the space can be.

That being said, be careful not to overdo it, as too much patio furniture or potted plants may give the illusion that your home is cluttered, which is a major no-no in the real estate world. Contact your local trusted mortgage professional today.

Three Key Points to Remember When Investing in a Cottage or Waterfront Getaway

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Three Key Points to Remember When Investing in a Cottage or Waterfront GetawayIf you’re looking to invest in a cottage or waterfront getaway, there are three key things to keep in mind throughout your search.

How’s The House?

Even if the lake is the highlight of a property you’re considering, it is important to make sure that the home is equally as great as the beautiful body of water it borders.

How’s its orientation? Is it built on the ideal angle to take full advantage of the sun? Does the deck or large windows face another house directly? The orientation is an important factor to consider as it can make or break the comfort of the property.

You’ll also want to consider the lot itself, as many waterfront properties are not built on level lots, but rather on sloping hills. If this is the case with a cottage you are looking to buy, it is important to have the land inspected to uncover any potential dangers or deficiencies. This is especially significant if you want to pursue further construction on the property in the future.

The waste system is another factor to consider, as many lakefront properties utilize a septic tank or public sewer system, which may differ from what you are used to and could cause more hassle than the home is worth.

Just How Lakefront Is It?

It is also important to consider the proximity of a house to the water, as there are unique risks that come along with bordering on a body of water. If the home is very close to the lake, research the typical rise and fall of water levels throughout the year as well as whether ice or frost develops in winter.

Make sure you have a thorough understanding of the lake specifics as well. Know the lake rules, what types of water crafts are permitted for use, how deep it is, and how busy it is throughout the year. A lake may look beautiful, but it’s equally important to ensure it will provide the experience you are looking for as well.

Protect Your Privacy

Lake front getaway homes often come with limited privacy as many properties may face each other across the water. Additionally, since space is limited around a lake, properties may be squished together to make the most of the land that’s available, and that can also compromise your privacy. Be sure to check out who you can see and who can see you, and take note of whether or not there are substantial tree barriers between you and your potential neighbors.